The Occupational Pension Schemes (Republic of Ireland Schemes Exemption (Revocation) and Tax Exempt Schemes (Miscellaneous Amendments)) Regulations (Northern Ireland) 2006

Explanatory Note

(This note is not part of the Regulations)

These Regulations make provision in relation to certain occupational pension schemes which both have such a superannuation fund as is mentioned in section 615 (exemptions from tax in respect of certain pensions) of the Income and Corporation Taxes Act 1988, and which are undertaking, or, in the case of the amendment provided for in regulation 5, propose to undertake, cross-border activity (“cross-border section 615 schemes”).

These Regulations also revoke the Occupational Pension Schemes (Republic of Ireland Schemes Exemption) Regulations (Northern Ireland) 2000 and certain other provisions in pensions legislation which make provision in respect of certain occupational pension schemes which are established in the Republic of Ireland which have, or have had, at least one member in pensionable service in Northern Ireland.

These Regulations are consequential on the Occupational Pension Schemes (Cross-border Activities) Regulations (Northern Ireland) 2005, and on Article 3(2) of the Pensions (2005 Order) (Commencement No. 7) Order (Northern Ireland) 2005 (S.R. 2005 No. 543 (C. 37)).

Regulation 5 amends the Register of Occupational and Personal Pension Schemes Regulations (Northern Ireland) 2005. The amendment provides that from 20th March 2006 a cross-border section 615 scheme is a registrable scheme.

Regulations 2, 3, 4 and 6 to 8 amend, respectively, the Occupational Pension Schemes (Winding Up) Regulations (Northern Ireland) 1996, the Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997, the Occupational and Personal Pension Schemes (General Levy) Regulations (Northern Ireland) 2005, the Occupational Pension Schemes (Employer Debt) Regulations (Northern Ireland) 2005, the Occupational Pension Schemes (Winding up etc.) Regulations (Northern Ireland) 2005 and the Pensions Regulator (Contribution Notices and Restoration Orders) Regulations (Northern Ireland) 2005 so as to make some or all of the provisions of those Regulations apply to cross-border section 615 schemes.

The amendments made by regulations 2 to 8 are made in order to comply with the requirements of the European Union Directive on the activities and supervision of institutions for occupational retirement provision (Directive 2003/41/EC; OJ No. L 235, 23.9.03, p.10).

Regulation 9 amends the Occupational Pension Schemes (Cross-border Activities) Regulations (Northern Ireland) 2005. The amendments provide that trustees or managers of cross-border section 615 schemes who apply on or before 29th March 2006 for authorisation and approval can provide some of the information required in those applications after that date provided it is all provided on or before 15th May 2006.

Regulation 10 brings into effect the Schedule, which revokes the regulations which made provision exempting Republic of Ireland schemes from certain requirements imposed by the Pensions (Northern Ireland) Order 1995 (“the 1995 Order”) and by certain regulations made under the Pension Schemes (Northern Ireland) Act 1993 and the 1995 Order in relation to occupational pension schemes.

Articles 264 and 265(1) of the Pensions (Northern Ireland) Order 2005 (“the 2005 Order”), two of the enabling provisions under which these Regulations are made, were brought into operation in part, for the purpose only of authorising the making of regulations, on 6th December 2005 and for all other purposes on 30th December 2005, by virtue of the Pensions (2005 Order) (Commencement No. 7) Order (Northern Ireland) 2005.

As these Regulations make in relation to Northern Ireland only provision corresponding to provision contained in regulations made by the Secretary of State for Work and Pensions in relation to Great Britain, the requirement to consult under Article 117(1) of the 1995 Order and Article 289(1) of the 2005 Order does not apply by virtue of paragraph (2)(e) of each of those Articles.

The extent to which Articles 9, 11 and 16 of the Directive is transposed by these Regulations is detailed in the Transposition Note, a copy of which has been laid in the Business Office and the Library of the Northern Ireland Assembly. Copies of the Note are available from the Department for Social Development, Social Security Policy and Legislation Division, Level 1, James House, 2-4 Cromac Avenue, Gasworks Business Park, Ormeau Road, Belfast, BT7 2JA.